Gulf Keystone Petroleum Share Discussion Threads

[beernut1] 24/4/2024 08:52

APIKUR urges resolution amid economic losses, Erdogan Visit to Iraq, KRG
A source in the Federal Oil Ministry told Iraqi media that the Organization of the Petroleum Exporting Countries (OPEC) has officially asked the Iraqi Oil Minister Hayyan Abdul Ghani to allow the export of oil from the Kurdistan Region through the Turkish port. author_image Kurdistan 24
21 Hours

The Association of the Petroleum Industry in Kurdistan (APIKUR). (Photo: Kurdistan 24)
The Association of the Petroleum Industry in Kurdistan (APIKUR). (Photo: Kurdistan 24)
Kurdistan Hayyan Abdul Ghani APIKUR ITP Turkey-Iraq relations Turkey-KRG
ERBIL (Kurdistan24) - APIKUR highlights the visit of the Turkish President to Iraq and the Kurdistan Region in order to resume oil exports from the Kurdistan Region through the Iraq-Turkey oil pipeline.

The Association of the Petroleum Industry in Kurdistan (APIKUR) said in a statement on Tuesday that it hopes Turkish President Recep Tayyip Erdogan's visit to Iraq will be a step towards finding an appropriate solution between the Turkish government and Iraq, allowing the Kurdistan Regional Government and international oil companies to resume oil exports through the Iraq-Turkey oil pipeline.

Last week, Iraqi, Turkish, Kurdish, and the US leaders discussed the importance of resuming oil exports through the Iraq-Turkey pipeline.

APIKUR said its member companies are ready to resume oil exports under current conditions in the interests of the Iraqi people and their partners.

Meanwhile, a source in the Federal Oil Ministry told Iraqi media that the Organization of the Petroleum Exporting Countries (OPEC) has officially asked the Iraqi Oil Minister Hayyan Abdul Ghani to allow the export of oil from the Kurdistan Region through the Turkish port.

According to the same source, OPEC has asked the Iraqi oil minister to permit the Kurdistan Regional Government to export 200,000 barrels of oil per day through the Turkish port.

What was the Iraqi oil minister's response to OPEC's request? The source said Hayyan Abdul Ghani has sent the request to Iraqi Prime Minister Mohammed Shia al-Sudani and is awaiting his response.

The Iraq-Turkey oil pipeline has been suspended since March 25, 2023. The pipeline has the capacity to export 1.4 million barrels of oil per day. However, it has not exported that much oil so far, and what was exported before the suspension was 450,000 barrels per day.

The Turkish Energy Ministry has repeatedly said the pipeline has no problems and has been ready since October 4, 2023. Although Turkey has agreed to resume oil exports and the pipeline is ready, the Iraqi government is not ready to resume oil exports through the pipeline. After more than a year of oil exports, Iraq, the Kurdistan Region, and international oil companies have suffered huge losses.

Iraq has lost more than $14.5 billion in revenue after nearly 14 months of suspension of oil exports through the Iraq-Turkey pipeline. Iraq will be fined $800,000 a day for failing to meet the terms of the agreement. More than $400 million of APIKUR member investments have been frozen. Annual revenues of oil companies have fallen by 60 percent. Hundreds of people have become unemployed. Oil prices rose on Wednesday as exports of 450,000 barrels per day were suspended. Despite all this, energy experts say the suspension of oil exports has damaged Iraq's reputation and reduced investment and trade demand in the country.

[beernut1] 24/4/2024 08:51

Kurdistan challenges Iraqi Ministry's accusations, asserts legitimacy of oil contracts
MNR reitirated that such statements try to blame solely the Kurdistan Region for the suspension of the oil exports and the failure of its resumption. author_image Kurdistan 24
20 Hours

The logo of the Ministry of Natural Resources of the Kurdistan Regional Government (KRG). (Photo designed by Kurdistan 24)
The logo of the Ministry of Natural Resources of the Kurdistan Regional Government (KRG). (Photo designed by Kurdistan 24)
Kurdistan KRG Ministry of Natural Resources Iraqi oil ministry Kurdistan Oil and Gas Law Resumption of KRGs Oil Exports
ERBIL (Kurdistan 24) - The Kurdistan Regional Government (KRG) has issued a robust rebuttal to recent claims by the Iraqi Ministry of Oil regarding oil exports from the Kurdistan Region.

Accusations levied against the KRG for the alleged failure of oil exports were met with a detailed response, asserting the legality and constitutional basis of the KRG's oil contracts.

The Iraqi Oil Ministry's statement highlights its insistence on resuming oil exports through the Iraq-Turkey pipeline as well as upholiding the constitution.

However, KRG Ministry of Natural Resourses (MNR) viewed the statment with skepticism, highlighting the absence of constitutional provisions granting the Iraqi Federal Government authority to approve contracts issued by the KRG.

MNR reitirated that such statements try to blame solely the Kurdistan Region for the suspension of the oil exports and the failure of its resumption.

Instead, the KRG emphasized the legal foundation of its oil contracts, citing the unanimously approved Oil and Gas Law of 2007, recognized by esteemed legal authorities such as Judge James Crawford of the International Court of Justice and Stephen M. Schwebel, the Former Vice-President of the International Court of Justice.

The KRG's critique extended to the Iraqi Oil Ministry's reliance on a decision made by a committee in February 2022, which purportedly declared the 2007 KRG law unconstitutional.

Dismissing the legitimacy of this decision, the KRG likened it to decisions from the era of Saddam Hussein, questioning its legal understanding and validity.

Moreover, the KRG underscored the Iraqi government's failure to pass oil and gas laws compatible with the 2005 constitution, citing corruption and centralization within the Iraqi oil sector.

Highlighting past diplomatic efforts, the KRG recalled a January agreement between high-level delegations from both the KRG and the Iraqi government, aimed at addressing technical issues related to oil production costs in the Kurdistan Region.

Despite this agreement, the KRG lamented the lack of progress in resuming oil exports and urged the Iraqi government to adhere to its terms.

In closing, the KRG reiterated its commitment to upholding the rule of law and protecting the integrity of its courts.

It affirmed its adherence to the 2007 Oil and Gas Law and vowed to honor contractual obligations while urging the Iraqi government to facilitate the resumption of oil exports for the benefit of all Iraqi peoples and international energy security.

The Kurdistan Region, endowed with significant oil reserves, has long been a focal point in the country's energy landscape.

Following the fall of Saddam Hussein's regime and the subsequent establishment of a semi-autonomous Kurdish region, disputes over oil rights and revenue sharing have been recurrent themes in the relationship between the Kurdistan Regional Government (KRG) and the central Iraqi government in Baghdad.

The KRG, leveraging its legislative authority, passed the Oil and Gas Law in 2007, which asserted its jurisdiction over the region's oil and gas resources.

However, tensions escalated in subsequent years as Baghdad contested the legality of oil contracts signed by the KRG with international oil companies, arguing that such agreements required federal approval.

These disputes have often led to interruptions in oil exports from the Kurdistan Region, impacting both the local economy and Iraq's overall oil revenue.

Diplomatic efforts have been made to resolve these issues, including negotiations between the KRG and the Iraqi government, as well as involvement from international mediators.

Against this backdrop, the recent statement by the KRG Ministry of Natural Resources comes amid renewed tensions over oil exports from the Kurdistan Region.

The KRG's response to accusations from the Iraqi Ministry of Oil sheds light on the complex legal and political dynamics surrounding oil governance in Iraq, highlighting the ongoing struggle between regional autonomy and central authority.

[grouchomarx] 24/4/2024 08:50

There are definitely outstanding issues. I’d guess a mixture of políticas nature ie. how much autonomy the Kurds will have (keeping in mind that none of the neighbors want too much autonomy, forget independence) and how the proceeds will be split. Also, politics in Baghdad quite cumbersome, confusing, hence in spite of pressure from many sides, they can’t get it done as expeditiously as wanted. Last but not least, locals in the KRG are making a fortune on the back of shareholders…it will happen as reg equation wouldn’t close otherwise but timing uncertain.

[beernut1] 24/4/2024 08:48

As Habshans post

Says no technical excuse for not resuming


Turkey, Kurdistan Region have significant economic relationship, says KRG spox
The spokesperson stated that the Kurdistan Region will not be excluded from the agreements signed by Recep Tayyip Erdogan with Iraq. author_image Kurdistan 24
12 Hours

Peshawa Hawramani, the Kurdistan Regional Government (KRG) spokesperson, speaking to Kurdistan24, April 23, 2024. (Photo: Kurdistan24)
Peshawa Hawramani, the Kurdistan Regional Government (KRG) spokesperson, speaking to Kurdistan24, April 23, 2024. (Photo: Kurdistan24)
Kurdistan Peshawa Hawramani Turkey-Kurdistan Region relations Oil exports
ERBIL (Kurdistan24) – Peshawa Hawramani, the Kurdistan Regional Government (KRG) spokesperson, on Tuesday told Kurdistan24 that Turkey and the Kurdistan Region have a long-standing and historically significant economic relationship.

The spokesperson stated that the Kurdistan Region will not be excluded from the agreements signed by Recep Tayyip Erdogan with Iraq.

Regarding relations between Ankara and Erbil, Hawramani stressed that Turkey is interested in fostering positive relations with the Kurdistan Region.

He also pointed out that Turkey is actively working towards establishing a conducive environment for dialogue between Erbil and Baghdad.

He further mentioned that the Kurdistan Region holds a strong economic position, with trade being conducted through the Ibrahim Khalil border crossing connecting Turkey and Iraq.

Moreover, the official revealed that there is no technical excuse for the lack of implementation of the agreement between the KRG and the Iraqi government on oil exports.

“The Iraqi government is attempting to hinder the Kurdistan Region from obtaining the advantages of the road development project. Prime Minister Masrour Barzani in his meetings with senior officials of the Iraqi government, and Erdogan said that Kurdistan Region cities shouldn’t be excluded from this project. Consequently, we are determined to exert all possible efforts to ensure that the KRG is not excluded from the road development project,” he added.

[furenstaurus] 24/4/2024 08:41

Just imagine if the KRG are large shareholders here, which imo they are.The sale of GKP plus the support of the nation(s) behind the IOC (s) that buy it could kickstart independence..Sudani has agreed with the Yanks to restart exports but has failed to date to deliver........

[habshan] 24/4/2024 08:18

Turkey, Kurdistan Region have significant economic relationship, says KRG spox.

"The spokesperson stated that the Kurdistan Region will not be excluded from the agreements signed by Recep Tayyip Erdogan with Iraq.

Regarding relations between Ankara and Erbil, Hawramani stressed that Turkey is interested in fostering positive relations with the Kurdistan Region."

[furenstaurus] 24/4/2024 08:15

I agree , it appears KRG have taken the high ground legally, and publically, and could well be planning to go it alone if the Iraqi PM cannot restart exports , because he cannot control the tribes that hate the Kurds, which appears to be the case.

[highlander7] 24/4/2024 08:08

They can in theory use the pipeline without ICG approval providing Turkey will allow it of course.

[shortsqueezer] 24/4/2024 07:34

If I recall correctly it was the loading onto the ships which was the issue.

[kenjen1] 24/4/2024 07:32

Ok guys looking to use the bigger brain here to get the answer. The ICC ruling that stopped the exports was around the 1973 agreement for the pipeline and it said only Iraqi could manage that. So for that mean the Kurds can sell their oil via say trucking or would that need to get injected into the pipeline at some point anyway.

I guess i am trying to understand, can the Kurds sell their oil independently it’s just they don’t have a pipeline to do that, hence the problems?

[fairenough11] 24/4/2024 07:01

Ultimate control of "Greater Shaikan"--potentially one of the world's largest Oil resources may have something to do with it imo.

[tombag] 24/4/2024 06:56

Iraq Pariament 2nd Legislative Session will end 9th May 2024. The Budget and its Schedules need to be submitted by that date in order to qualify for a time extension of up to 1 month for discussion/voting by Iraqi Council Reps.; otherwise, no time extension.

[highlander7] 24/4/2024 06:52

Everything about this "situation" is dodgy .Including the ICG response. IMO

[fairenough11] 24/4/2024 05:57

The "TIMINGS" of the "NEWS RELEASES" were impeccable imo.
Bad actors.

[shortsqueezer] 24/4/2024 05:53

Probably the case Eddie. 4 days ago they were waiting for Sudanis return to enable modification to the budget. https://www.kurdistan24.net/en/story/34635-Iraq-preparing-to-amend-its-budget-law

[highlander7] 24/4/2024 05:40

Hopefully.....the pressure is on them now.

[eddie47] 24/4/2024 05:25

Highlander. Maybe it has not yet entered into force as they are waiting for the budget amendment. Fingers crossed.

[highlander7] 24/4/2024 05:20

Morgan Stanley on Friday raised its outlook for oil prices on the back of a "triple deficit" for the commodity — low inventories, low spare capacity, and low investment.

A note from the bank's commodities strategist and head of European oils, Martijn Rats, said it now sees Brent crude, oil's international benchmark, jumping to $100 per barrel by the third quarter of this year, updating its $90 per barrel forecast published on January 6.

hxxps://markets.businessinsider.com/news/commodities/oil-price-outlook-brent-crude-100-per-barrel-morgan-stanley-2022-1

[highlander7] 24/4/2024 04:44

Apparently an agreement has been reached.

john @john78846295: 6h

Delegation of #KRG and #Iraqi government reached an agreement, but it did not enter into force. There is no excuse for not resuming #oil exports.

[milliecusto] 23/4/2024 22:18

Disagree, I feel the Kurds will be energised from this and will be determined now more than ever to go it alone, will be a long drawn affair, not all will survive

[milliecusto] 23/4/2024 20:51

https://x.com/kurdistanwatch/status/1782756708571345329?s=46Things turning nasty

[furenstaurus] 23/4/2024 20:39

The company is obviously sold TBA in Mayhttps://x.com/chicagojack5/status/1782379228224184512?s=61&t=EEAJRmerpfLiAmForyb8Dw

[milliecusto] 23/4/2024 20:23

How's the rubbing, must be worn down now lol